Slaughters, Linklaters and Hogan Lovells serve up Premier Foods deal
Slaughter and May has advised Premier Foods on its co-operation agreement with Nissin and rejection of two offers from McCormick
March 24, 2016 at 06:54 AM
2 minute read
Slaughter and May, Linklaters and Hogan Lovells have all advised as Premier Foods struck a co-operation agreement with Japan's Nissin, turning down a bid from US food company McCormick in the process.
Yesterday (23 March) Premier Foods, which produces Mr Kipling cakes and Bisto gravy, announced it had reached a deal with instant noodle maker Nissin that grants Premier rights to distribute Nissin's products in the UK while making its products more widely available overseas. Nissin has also taken a 17.27% shareholding in Premier.
The deal with Nissin came as the UK food manufacturer rejected a takeover offer from McCormick. In a statement Premier Foods said McCormick's first all-cash offer of 52p a share in February and its subsequent offer of 60p a share this month both "significantly" undervalued the company.
Slaughter and May advised long standing client Premier on both the bid and the co-cooperation agreement.
The London team was led by finance partners Michael Corbett and Robert Byk.
Linklaters London partner David Holdsworth and Tokyo partner Hiroya Yamazaki acted for Nissin on the agreement with Premier Foods.
McCorkmick turned to Hogan Lovells for advice on the unsolicited offers with London partner London partners Tom Brassington and Don McGown heading the team. Washington-based partner Alan Dye also advised on the offers.
In 2014 Slaughter and May, Herbert Smith Freehills and Allen & Overy acted on Premier's £1.1bn refinancing package.
In 2012 Slaughters acted for Premier on Hain Celestial Group's acquisition of Premier's sweet spreads and jellies business. DLA Piper acted for Hain on the £200m deal.
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